What's the latest? Hope you figured it out.
One more thing to look at if still not working.... many of the alternators of this vintage required a field or sense wire that read ignition voltage rather than from the battery peg. If there was no voltage on this wire, there was no output. So, your 12.5 v would drop after starting the engine (due to starter load), and volts would not come up even though alternator was spinning (bat was depleted from start and now powering car load). This was a typical problem when owners would think the alternator was bad and have it rebuilt, and it would check good on a test stand, but still bad on actual car. If there is no voltage on field or sense wire/terminal, jump +12v to it and check for output to be sure that's the issue. I don't have a wire diagram for your car but someone here does that can tell you wire colors.
If there is higher voltage coming from alternator but not getting to rest of car circuits, Would suggest borrowing a DC clamp amp multimeter (make sure it has DC load option) and check amp load on the alternator. I would expect to see about 24-35 amps after start then settle about 12 amps in a few minutes with engine running. If way higher, this could explain the low volts and some voltage regulators have protection circuits that lower output with high draw or high temperatures. Good luck.
One more thing to look at if still not working.... many of the alternators of this vintage required a field or sense wire that read ignition voltage rather than from the battery peg. If there was no voltage on this wire, there was no output. So, your 12.5 v would drop after starting the engine (due to starter load), and volts would not come up even though alternator was spinning (bat was depleted from start and now powering car load). This was a typical problem when owners would think the alternator was bad and have it rebuilt, and it would check good on a test stand, but still bad on actual car. If there is no voltage on field or sense wire/terminal, jump +12v to it and check for output to be sure that's the issue. I don't have a wire diagram for your car but someone here does that can tell you wire colors.
If there is higher voltage coming from alternator but not getting to rest of car circuits, Would suggest borrowing a DC clamp amp multimeter (make sure it has DC load option) and check amp load on the alternator. I would expect to see about 24-35 amps after start then settle about 12 amps in a few minutes with engine running. If way higher, this could explain the low volts and some voltage regulators have protection circuits that lower output with high draw or high temperatures. Good luck.